Coldwater Creek comparable store sales rise 7.3% in Q1
30 May '07
2 min read
Coldwater Creek Inc reported financial results for the three-month period ended May 5, 2007.
Net income for the three-month period ended May 5, 2007, increased $0.5 million, or 4.0 percent, to $12.0 million, or $0.13 per diluted share.
This compares with net income of $11.6 million, or $0.12 per diluted share, for the three-month period ended April 29, 2006. Net sales in the fiscal 2007 first quarter increased 30.7 percent to $281.3 million from $215.3 million in the fiscal 2006 first quarter.
Comparable store sales increased 7.3 percent for the three-month period ended May 5, 2007, compared with a 9.6 percent increase in the prior-year period.
"The net sales and earnings performance for the first quarter was a result of solid response to our spring merchandise in combination with effective cost-control measures," said Dennis Pence, Chairman and Chief Executive Officer for Coldwater Creek.
"We added new stores and gained additional market share during the period, despite the challenging traffic-related environment which continues to impact the women's specialty apparel sector."
"In regards to inventory, I am pleased to report that we ended the quarter with retail inventory per-square-foot well below last year," said Georgia Shonk-Simmons, President & Chief Merchandising Officer.
Gross profit for the fiscal 2007 first quarter was $128.5 million, or 45.7 percent of net sales, compared with $100.4 million, or 46.7 percent of net sales, for the fiscal 2006 first quarter.